Bipartisan COVID Relief Package Contains Tax Fix, More Resources for Chiropractors
American Chiropractic Association - December 15, 2020
In a COVID-19 relief package released earlier this week by a bipartisan group of U.S. House and Senate lawmakers, three important items that the American Chiropractic Association (ACA) lobby team has been pushing for have been included in the measure.
First, as described in last week’s ACA Connects, ACA is supporting language to allow for full deductibility of business expenses on forgiven Paycheck Protection Program (PPP) loans for both “first” and “second draw” loans. ACA has learned that a provision clarifying this issue is indeed contained in the bipartisan COVID-19 package.
Staying with PPP, ACA is supporting further expansion of the package, an expansion that includes over $300 billion in new loans to the hardest hit small businesses. Also, Forgivable expenses are expanded to include supplier costs and investments in facility modifications and personal protective equipment to operate safely. Also, the loan forgiveness process is simplified for borrowers with PPP loans of $150,000 or less.
Finally, ACA is encouraged that Congress will be providing an additional $35 billion to the Provider Relief Fund (PRF), with $7 billion of that set aside for rural providers. This latest COVID-19 legislation also Includes a directive to the Department of Health and Human Services (HHS) to consider appropriate distribution of funds, including for health providers who were under-represented in previous allocations, or are at risk of imminent closure.
The big unknown with all of this is the timetable for congressional approval. As with most measures debated on Capitol Hill these days, political gamesmanship often delays and stimies quick action. However, given the dire situation the country faces during this pandemic, congressional leaders from both parties recognize that they cannot simply go home for the holidays before passing a robust COVID-19 relief package.
Once a relief bill is passed, how to apply for these additional funds will be determined in the following days, so stay informed via ACA social media and our COVID-19 webpage.
CLICK HERE to read this article on ACA’s website.